ESAFSFB
ESAF Small Finance Bank share price & financials
- Price
- ₹36.33
- Market cap
- ₹2.1k Cr
- Sector
- Financial Services
- Calls analysed
- 7
ESAF Small Finance Bank Limited Q1 FY27
What went well
- Total business grew 23% YoY to INR 50,140 crores, reflecting successful execution of the transformation strategy.
- Net Interest Income (NII) significantly improved to INR 584 crores in Q1 FY27, up from INR 378 crores in Q1 FY26, driven by healthy loan book growth and strategic product mix.
- Asset quality showed marked improvement with Gross NPA declining to 5.4% and Net NPA to 0.8% in Q1 FY27, supported by lower slippages of INR 75 crores.
What to watch
- The magnitude of PSLC income, which was INR 69 crores in Q1 FY27, is expected to be lower in coming quarters, estimated at INR 20-25 crores for the next quarter.
- Net Interest Margin (NIM), currently at 7.9%, may moderately come down due to subdued deposit growth witnessed by the banking system.
What ESAF Small Finance Bank Limited does
ESAF Small Finance Bank is a scheduled commercial bank that began banking operations in March 2017, having evolved out of an earlier ESAF microfinance institution focused on financial inclusion. It serves customers mainly in rural and semi-urban areas across 24 states and 2 union territories through a network of banking outlets, ATMs, customer service centres, banking agents and business correspondents. The bank earns by extending secured and unsecured loans under its MARG (MSME, Agriculture, Retail, Gold) portfolio alongside microfinance and micro loans, funded largely through retail deposits (CASA and term deposits).
Segments
- MARG (MSME, Agriculture, Retail & Gold)
- Micro Loans
- Other Loans
- Banking Outlets
- 788
- Total Customer Touch Points
- 8,596
- Geographic Presence
- 24 states and 2 union territories
- Total Customers
- 99.9 lakh (~9.99 million)
- Employees
- 11,098
- ATMs
- 720
Guidance record · Q1 FY27
what the last two calls moved 16 tracked 3 delivered 2 missed 11 open- Net Interest Margin (NIM) revised up said Q4 FY25 Promised: Comfortable operating with a higher secured loan book at a net interest margin of somewhere around 8%. Q1 FY27: NIM at 7.9%. Management revised guidance upwards to 'above 7.5%' from '7% +/- 0.5%'.
- Return on Assets (ROA) delivered said Q4 FY25 Promised: Positive ROA will be achieved by second half of FY '26 (Q3 and Q4) Q4 FY26: PAT improved to 24 crores
- Unsecured Business Share missed said Q2 FY26 Promised: Keep the mix at around 35% unsecured and 65% secured by the current year end. Q4 FY26: Secured mix is 61%, implying unsecured is 39%. Missed the 35% target for FY26 end.
All 16 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 32.6%, net profit up 198.8% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 995 | 948 | 892 | 828 | 820 −18% | 894 −6% | 995 +12% | 1,098 +33% |
| Net profit | -190 | -211 | -183 | -81 | -116 +39% | 7 +103% | 24 +113% | 80 +199% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +35.7% 1Y
1Y: ₹29.2 on 10 Sept 2025 → ₹39.61. High ₹44.71 (28 Aug 2026), low ₹19.86 (30 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- −2.7%
- 3 Aug
- Q4 FY26
- +0.6%
- 4 May
- Q3 FY26
- −2.8%
- 2 Feb
- Q2 FY26
- −2.7%
- 12 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 7.4% a year over 3 years, FY23 to FY26.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹2.9k Cr | ₹3.8k Cr | ₹3.9k Cr | ₹3.5k Cr |
| Interest | ₹1.0k Cr | ₹1.4k Cr | ₹1.8k Cr | ₹1.8k Cr |
| Depreciation | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Net profit | ₹302 Cr | ₹425 Cr | ₹-521 Cr | ₹-166 Cr |
| Net margin | 10.6% | 11.1% | -13.5% | -4.7% |
| ROE | 19.0% | 20.0% | -23.0% | -9.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹449 Cr | ₹449 Cr | ₹449 Cr | ₹515 Cr | ₹516 Cr | ₹516 Cr |
| Reserves | ₹903 Cr | ₹962 Cr | ₹1.3k Cr | ₹2.0k Cr | ₹1.2k Cr | ₹1.3k Cr |
| Borrowings | ₹1.7k Cr | ₹3.0k Cr | ₹3.4k Cr | ₹3.2k Cr | — | ₹2.8k Cr |
| Deposits | ₹9.0k Cr | ₹12.8k Cr | ₹14.7k Cr | ₹19.9k Cr | — | ₹25.9k Cr |
| Other liabilities | ₹293 Cr | ₹528 Cr | ₹489 Cr | ₹505 Cr | ₹374 Cr | ₹479 Cr |
| Total liabilities | ₹12.3k Cr | ₹17.7k Cr | ₹20.2k Cr | ₹26.1k Cr | ₹27.1k Cr | ₹30.9k Cr |
| Fixed assets | ₹133 Cr | ₹159 Cr | ₹188 Cr | ₹205 Cr | ₹435 Cr | ₹226 Cr |
| Capital work in progress | ₹6 Cr | ₹0 Cr | ₹0 Cr | ₹3 Cr | ₹0 Cr | ₹290 Cr |
| Investments | ₹1.9k Cr | ₹4.1k Cr | ₹4.9k Cr | ₹5.5k Cr | ₹6.4k Cr | ₹6.4k Cr |
| Other assets | ₹10.3k Cr | ₹13.5k Cr | ₹15.1k Cr | ₹20.3k Cr | ₹20.3k Cr | ₹24.0k Cr |
| Total assets | ₹12.3k Cr | ₹17.7k Cr | ₹20.2k Cr | ₹26.1k Cr | ₹27.1k Cr | ₹30.9k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse ESAF Small Finance Bank Limited
Guides on how to read this kind of business and the numbers that matter.